Emerging Trends in Competitive Intelligence Using NetBase Quid and Factiva
Every minute another 2,000 TB of data gets created. Parsing that into usable insights on business, news, and finance falls to machine learning and artificial intelligence. Humans handle accessing the information, analyzing it, and putting it into cohesive, cogent reports using software designed for competitive intelligence gathering.
Using programs like NetBase Quid to mine data sources like Factiva can help you uncover emerging trends before your business competitors. These emerging trends can provide your company with new marketing angles for existing products, as well as new product ideas.
Trend and Competitive Intelligence Defined
The term trend refers to an event or activity that occurs at such frequency as to form a noticeable pattern. Information gathering and analysis within your market or regarding specific competitors can provide early trend information. This process, referred to as competitive intelligence, includes information on your customers, vendors, competitors, and a variety of market factors that helps you understand the market environment holistically. Competitive intelligence consists of tactical and strategic intelligence. Tactical information typically refers to the short-term and relates to increasing business revenue or capturing market share. Strategic information refers to the long-term and identifies or expands upon key risks the company faces or opportunities before it. Competitive intelligence refers only to legally and ethically obtained information thereby eschewing espionage.
Using NetBase Quid to Uncover and Analyze Data
Using programs like NetBase Quid you can identify collections of similar themes and graph their development over time. These conversational shifts can help unveil relevant consumer pain points that your company could address to jump ahead of its competitors. The software’s visualization capabilities let you create a network map of the conversation with each narrative point represented as a textual callout as well as a cluster of interconnected data points. While you necessarily must study the interconnected points, those on the fringes of the conversation that have yet to connect, but are gaining traction, provide your business the opportunities.
These tiny, independent clusters represent technology breakthroughs, product launches, partnerships, and research investments. In 2020, three of the top trend topics to emerge included peter-panning, ethical purchasing, e-learning/remote working.
The Factiva Database
Using augmented analytics to analyze the news as an alternative data source can result in competitive insights. Mining the Factiva database by hand would prove nearly impossible since it aggregates more than one billion articles from more than 13,600 sources. Using a software like NetBase Quid to mine the Factiva source helps you more quickly access its already well-organized massive storage. It uses Dow Jones Intelligent Identifiers (DJID) and metadata tags to organize the articles and provides a handy API. On top of this, the database firm employs data scientists who create weekly and monthly reports that spot trends and categorize them as major, minor, and regular. You can combine approaches to better parse information.
Gartner’s Four-Step Process
Gartner put together a nice, four-step process to determining which emerging trends will qualify as disruptive, meaning your company needs to address them since they will change how things get done. Once you model or visualize your gathered data, follow these steps to separate hype from reality and make the most of your data.
- Study potential trend impact across industries, markets, and geographies. Doing this lets you consider potential capabilities or impacts, interactions with your company or products, and potential vendor disruptions.
- Determine the maturity of the trend. Ideally, you spot these as they emerge, but you could categorize them as emerging, growing, or mainstream.
- Identify the market dynamics such as investors, early adopters, and venture capitalist interest. You also include study on the understanding of the product or technology’s future.
- Determine the trend’s potential impact on your company. How should it respond to the trend and when?
Your competitive intelligence gathered from sources like Factiva and analyzed using software like NetBase Quid can provide actionable insights to vault you ahead of the competition. Follow the Gartner process to best utilize your information and watch your company grow.